By 2006, it was clear the Phoenix real estate bubble had burst. That's when both tract homes in the exurbs of Maricopa County and high-end condos in Paradise Valley began falling into foreclosure. And as prices dropped, homeowners panicked and unloaded their properties.
Yet those who jumped back in during 2007 badly mistimed the bottom. Phoenix prices are down 20 percent this year, according to the National Association of Realtors (NAR). The result? That second wave of speculation has resulted...Full Story